Company registration number 09067139 (England and Wales)
STRATFORD HOUSE (EXETER) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
STRATFORD HOUSE (EXETER) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
STRATFORD HOUSE (EXETER) LIMITED
BALANCE SHEET
AS AT 31 MAY 2023
31 May 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
19,781
18,812
Investment property
4
975,000
809,880
994,781
828,692
Current assets
Debtors
5
54,493
76,552
Cash at bank and in hand
44,431
28,358
98,924
104,910
Creditors: amounts falling due within one year
6
(859,111)
(919,856)
Net current liabilities
(760,187)
(814,946)
Total assets less current liabilities
234,594
13,746
Provisions for liabilities
(28,074)
-
0
Net assets
206,520
13,746
Capital and reserves
Called up share capital
1,000
1,000
Non-distributable profits reserve
8
141,991
-
0
Distributable profit and loss reserves
63,529
12,746
Total equity
206,520
13,746

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

STRATFORD HOUSE (EXETER) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2023
31 May 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 February 2024 and are signed on its behalf by:
Mr B W Cannings
Director
Company Registration No. 09067139
STRATFORD HOUSE (EXETER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
1
Accounting policies
Company information

Stratford House (Exeter) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Redlands, Exmouth Road, Clyst St Mary, Exeter, Devon, EX5 1AR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents rents receivable, and is recognised on a straight line basis over the lease term.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
20% straight line
Solar panels
5% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Equity instruments

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

STRATFORD HOUSE (EXETER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
3
3
Tangible fixed assets
Plant and machinery etc
Solar panels
Total
£
£
£
Cost
At 1 June 2022
-
0
27,313
27,313
Additions
2,599
-
0
2,599
At 31 May 2023
2,599
27,313
29,912
Depreciation and impairment
At 1 June 2022
-
0
8,501
8,501
Depreciation charged in the year
263
1,367
1,630
At 31 May 2023
263
9,868
10,131
Carrying amount
At 31 May 2023
2,336
17,445
19,781
At 31 May 2022
-
0
18,812
18,812
STRATFORD HOUSE (EXETER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 5 -
4
Investment property
2023
£
Fair value
At 1 June 2022
809,880
Revaluations
165,120
At 31 May 2023
975,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 25 November 2021 by Symonds & Sampson LLP, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
42,253
68,753
Other debtors
12,240
7,799
54,493
76,552
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
288
16
Amounts owed to group undertakings
830,380
901,375
Taxation and social security
6,936
6,820
Other creditors
21,507
11,645
859,111
919,856
7
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
4,945
-
Revaluations
23,129
-
28,074
-
STRATFORD HOUSE (EXETER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
7
Deferred taxation
(Continued)
- 6 -
2023
Movements in the year:
£
Liability at 1 June 2022
-
Charge to profit or loss
28,074
Liability at 31 May 2023
28,074
8
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
-
-
Fair value increase in investment property net of deferred tax
141,991
-
At the end of the year
141,991
-
9
Financial commitments, guarantees and contingent liabilities

Bank borrowing of fellow group companies, totalling £835k, is partially secured over the assets of this company under an omnibus guarantee.

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